James Meekison and Terry Holland Announce Delivery of a Non-binding Proposal to Purchase Outstanding Shares of Carmanah

TORONTO, May 7, 2019 /CNW/ - James Meekison and Terry Holland announce they have, through entities they control, delivered to Carmanah Technologies Corporation ("Carmanah") a non-binding proposal (the "Proposal") to purchase all shares of Carmanah not already owned or controlled by Mr. Meekison or Mr. Holland at a price of $7.35 per share, payable in cash.

Mr. Meekison and Mr. Holland, together as joint actors, own or control a total of 5,709,904 common shares, representing in aggregate approximately 30.3% of the currently issued and outstanding shares of Carmanah as follows:

Mr. Meekison currently owns or controls 4,217,104 common shares representing 22.4% of the currently issued and outstanding shares of Carmanah through the following entities:

JDM Investment Holdings Inc. – 1,772,512 common shares representing 9.4% of the currently issued and outstanding shares of Carmanah; and

Trimin Capital Corp. – 2,444,592 common shares representing 13.0% of the currently issued and outstanding shares of Carmanah.

Mr. Holland, a joint actor of Mr. Meekinson, currently owns or controls 1,492,800 common shares through TMH Capital Corp. representing 7.9% of the currently issued and outstanding shares of Carmanah.

An early warning report has been filed with the applicable securities regulators with respect to the foregoing matters pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues of the Canadian Securities Administrators. A copy of the early warning report will be available on Carmanah's issuer profile on SEDAR at www.sedar.com.